How do I get my money back after I discover an unauthorized transaction or money missing from my bank account? | Consumer Financial Protection Bureau (2024)

FAQs

What if my bank won't refund an unauthorized transaction? ›

Some situations are successfully resolved over time, but many consumers are not as fortunate. If you have notified your financial institution about unauthorized transactions, but your bank won't refund stolen money, you may need a consumer fraud lawyer to protect your rights.

Within 3 days: According to the apex bank of India, if you, as a customer, report any incident of a fraudulent transaction within 3 days of the incident, then you will bear zero liability for it. As a result, the total amount will be refunded to your respective bank account.

The timeline for a bank to refund stolen money after reporting fraud in person at a branch can vary depending on the specific circ*mstances and the policies of the bank . In general , it can take anywhere from a few days to several weeks for the bank to investigate the fraud and process the refund .

File banking and credit complaints with the Consumer Financial Protection Bureau. If contacting your bank directly does not help, visit the Consumer Financial Protection Bureau (CFPB) complaint page to: See which specific banking and credit services and products you can complain about through the CFPB.

Contact the company or bank that issued the credit card or debit card. Tell them it was a fraudulent charge. Ask them to reverse the transaction and give you your money back.

Once you notify your bank or credit union about an unauthorized transaction (that is, a charge or withdrawal you didn't make or allow), it generally has ten business days to investigate the issue. The bank or credit union must correct an error within one business day after determining that an error has occurred.

Banks, therefore, employ comprehensive investigation procedures to combat fraud, protect their customers, and preserve their own credibility.

Contact your bank immediately if you suspect unauthorized transactions or money missing from your account, advises the Consumer Financial Protection Bureau. You'll need to notify your bank within 60 days after you receive your statement showing the unauthorized transactions.

Each card network and issuing bank sets its own time limits for filing a chargeback, but U.S. law sets a minimum time limit of 60 days. Most banks give cardholders 120 days to dispute a charge.

Holding your money and not giving it back when you ask isn't exactly fair. In California, the Unfair Competition Law also lets you sue to stop unfair business practices. And in Texas, the Deceptive Trade Practices Act does the same. Most states have similar laws.

Can a bank take money out of your bank account without permission? ›

To be clear, a bank won't withdraw funds without your permission for any other purpose than to cover outstanding debts.

You cannot keep money that was mistakenly deposited into your account; it must be returned. Failing to report and return the money could result in legal consequences, such as criminal charges. Contact your bank immediately when you notice the error and keep records of your interactions.

You should contact your bank and raise a dispute as this is an option for all the consumers.

Explain what's happened and ask if you can get a refund. If you're not happy with how the bank deals with your claim, you can complain to them. Find out how to do this by checking their website. If it's been 8 weeks since you complained, and you haven't got your money back, contact the Financial Ombudsman.

Under the Fair Credit Billing Act of 1974, all payment card issuers must offer a chargeback process to remedy fraud and abuse. If a customer brings a valid dispute claim to their bank, a chargeback will result.

The chargeback process lets you ask your bank to refund a payment on your debit card when a purchase has gone wrong. You should contact the seller first, as you cannot start a chargeback claim unless you have done this.